IMMO TSJOEN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
IMMO TSJOEN
Largest movements
- Tangible fixed assets -€288,161
down €288,161 (-37.0%), from €778,589 to €490,427
- Cash +€130,473
up €130,473 (+38.8%), from €336,442 to €466,915
mainly Investment in fixed assets (net) (+€255,469) and Tax, wage and social debts (+€48,489)
- Debts after one year -€185,303
down €185,303 (-70.5%), from €262,907 to €77,604
- Tax, wage and social debts +€48,489
up €48,489 (+12,204%), from €397 to €48,886
- Provisions -€35,321
no longer reported in 2025 (was €35,321)
- Gross operating margin -€123,471
down €123,471 (-54.5%), from €226,485 to €103,014
- Taxes +€54,679
up €54,679 (+13,762%), from €397 to €55,076
- Depreciation -€12,628
down €12,628 (-27.9%), from €45,320 to €32,693
- Financial charges +€11,166
up €11,166 (+1,656%), from €674 to €11,841
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,159,210 | €1,001,526 | -€157,684 | -13.6% |
| Fixed assets | 21/28 | €778,589 | €490,427 | -€288,161 | -37.0% |
| Tangible fixed assets | 22/27 | €778,589 | €490,427 | -€288,161 | -37.0% |
| Land and buildings | 22 | €778,589 | €490,427 | -€288,161 | -37.0% |
| Current assets | 29/58 | €380,621 | €511,099 | +€130,478 | +34.3% |
| Amounts receivable within one year | 40/41 | €43,534 | €43,534 | = | 0.0% |
| Other amounts receivable | 41 | €43,534 | €43,534 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €336,442 | €466,915 | +€130,473 | +38.8% |
| Deferred charges and accrued income | 490/1 | €645 | €649 | +€4 | +0.7% |
| Total equity and liabilities | 10/49 | €1,159,210 | €1,001,526 | -€157,684 | -13.6% |
| Equity | 10/15 | €816,890 | €825,536 | +€8,646 | +1.1% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €726,890 | €735,536 | +€8,646 | +1.2% |
| Tax-exempt reserves | 132 | €105,963 | - | -€105,963 | |
| Distributable reserves | 133 | €620,927 | €735,536 | +€114,608 | +18.5% |
| Provisions and deferred taxes | 16 | €35,321 | - | -€35,321 | |
| Deferred taxes | 168 | €35,321 | - | -€35,321 | |
| Amounts payable | 17/49 | €306,999 | €175,990 | -€131,008 | -42.7% |
| Amounts payable after more than one year | 17 | €262,907 | €77,604 | -€185,303 | -70.5% |
| Financial debts | 170/4 | €262,907 | €77,604 | -€185,303 | -70.5% |
| Amounts payable within one year | 42/48 | €44,092 | €98,387 | +€54,295 | +123% |
| Current portion of amounts payable after more than one year | 42 | €10,127 | €10,303 | +€176 | +1.7% |
| Trade debts | 44 | €1,935 | - | -€1,935 | |
| Suppliers | 440/4 | €1,935 | - | -€1,935 | |
| Taxes, remuneration and social security | 45 | €397 | €48,886 | +€48,489 | +12,204% |
| Taxes | 450/3 | €397 | €48,886 | +€48,489 | +12,204% |
| Other amounts payable | 47/48 | €31,633 | €39,198 | +€7,565 | +23.9% |
| Non-recurring operating income | 76A | €161,019 | - | -€161,019 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,320 | €32,693 | -€12,628 | -27.9% |
| Other operating charges | 640/8 | €11,256 | €10,850 | -€406 | -3.6% |
| Non-recurring operating charges | 66A | €23,580 | €19,230 | -€4,350 | -18.4% |
| Gross operating margin | 9900 | €226,485 | €103,014 | -€123,471 | -54.5% |
| Operating profit (loss) | 9901 | €146,329 | €40,242 | -€106,087 | -72.5% |
| Financial charges | 65/66B | €674 | €11,841 | +€11,166 | +1,656% |
| Recurring financial charges | 65 | €674 | €11,841 | +€11,166 | +1,656% |
| Profit (loss) for the period before taxes | 9903 | €145,654 | €28,401 | -€117,253 | -80.5% |
| Transfer from deferred taxes | 780 | €254 | €35,321 | +€35,067 | +13,822% |
| Transfer to deferred taxes | 680 | €35,575 | - | -€35,575 | |
| Income taxes | 67/77 | €397 | €55,076 | +€54,679 | +13,762% |
| Profit (loss) for the period | 9904 | €109,936 | €8,646 | -€101,290 | -92.1% |
| Transfer from tax-exempt reserves | 789 | €761 | €105,963 | +€105,202 | +13,823% |
| Transfer to tax-exempt reserves | 689 | €106,724 | - | -€106,724 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,973 | €114,608 | +€110,635 | +2,785% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.